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26th International Seminar on Macroeconomics : [which took place in Barcelona on June 13 - 14, 2003 ..., organized by the National Bureau of Economic Research ...]
Eḳshṭain, Tsevi (contributor) - International Seminar on Macroeconomics <26, 2003, … - In: Journal of the European Economic Association 3 (2005) 5, pp. 967-1057
Persistent link: https://www.econbiz.de/10003101383
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The Central Bank's Dilemma : Look Through Supply Shocks or Control Inflation Expectations?
Beaudry, Paul; Carter, Thomas J.; Lahiri, Amartya - National Bureau of Economic Research - 2023
When countries are hit by supply shocks, central banks often face the dilemma of either looking through such shocks or reacting to them to ensure that inflation expectations remain anchored. In this paper, we propose a tractable framework to capture this dilemma and explore optimal policy under...
Persistent link: https://www.econbiz.de/10014372498
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Trade Linkages and Output-Multiplier Effects : A Structural VAR Approach with a Focus on Asia
Abeysinghe, Tilak - 2001
This paper develops a structural VAR model to measure how a shock to one country can affect the GDP of other countries …. It uses trade linkages to estimate the multiplier effects of a shock as it is transmitted through other countries' output …-trade matrix. For example, due to these output-multiplier effects, a shock to one country can have a large impact on countries that …
Persistent link: https://www.econbiz.de/10012470116
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Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy
Christiano, Lawrence J. - 2001
an expansionary shock to monetary policy. Of these features, the most important are staggered wage contracts of average …
Persistent link: https://www.econbiz.de/10012470317
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Precautionary Saving and the Marginal Propensity to Consume out of Permanent Income
Carroll, Christopher D. - 2001
The budget constraint requires that, eventually, consumption must adjust fully to any permanent shock to income … permanent shock. However, this paper shows that if consumers are impatient and are subject to transitory as well as permanent … stock savers have a target wealth-to-permanent-income ratio; a positive shock to permanent income moves the ratio below its …
Persistent link: https://www.econbiz.de/10012470491
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The Welfare Cost of Business Cycles Revisited : Finite Lives and Cyclical Variation in Idiosyncratic Risk
Storesletten, Kjetil - 2000
This paper investigates the welfare costs of business cycles in a heterogeneous agent, overlapping generations economy which is distinguished by idiosyncratic labor market risk. Aggregate variation arises both in terms of aggregate productivity shocks and countercyclical variation in the...
Persistent link: https://www.econbiz.de/10012470691
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Policy Rules and External Shocks
Ball, Laurence - 2000
This essay discusses rules for monetary policy in open economies. If policymakers seek to stabilize output and inflation, optimal rules in open economies differ considerably from optimal rules in closed economies. In open economies, stability is best achieved by targeting long-run inflation' a...
Persistent link: https://www.econbiz.de/10012470827
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Occupation-Level Income Shocks and Asset Returns : Their Covariance and Implications for Portfolio Choice
Davis, Steven J. - 2000
-level equity portfolios. An application of the theory to the empirical results shows (a) large predicted levels of risky asset …
Persistent link: https://www.econbiz.de/10012470832
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Savings and the Terms of Trade Under Borrowing Constraints
Agenor, Pierre-Richard - 2000
This paper examines the extent to which permanent terms-of-trade shocks have an asymmetric effect on private savings. The first part uses a simple three-period model to show that, if households expect to face binding borrowing constraints in bad states of nature, savings rates will respond...
Persistent link: https://www.econbiz.de/10012471007
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Open-Economy Inflation Targeting
Svensson, Lars E. O. - 2000
The paper extends previous analysis of closed-economy inflation targeting to a small open economy with forward-looking aggregate supply and demand with some microfoundations, and with stylized realistic lags in the different transmission channels for monetary policy. The paper compares targeting...
Persistent link: https://www.econbiz.de/10012471032